Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price Index, 12/31/2024 Cost $22,420 107,100 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. 25 000 25,000 25,000 Ending inventory at retail Ending inventory at cest Cost of goods sold 15 S S Retail $ 142,000 264,000 6,000 15,000 229,000 1.05 000
Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price Index, 12/31/2024 Cost $22,420 107,100 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. 25 000 25,000 25,000 Ending inventory at retail Ending inventory at cest Cost of goods sold 15 S S Retail $ 142,000 264,000 6,000 15,000 229,000 1.05 000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 64E: ( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data...
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